In this Corporate Access guide, we discuss company searches (legal entity searches) and how they are a crucial part of the conveyancing process for Solicitors. We delve into the importance of company searches and how our platform is tailored to streamline the entire process.
What Are Company Searches?
A company search is a crucial investigative tool utilised by conveyancing solicitors to access comprehensive information about a legal entity registered with the Companies Registration Office (CRO), Ireland’s central repository for statutory information on companies and business names.
This search involves querying the registered name or number of the entity and provides solicitors with a wealth of details, ranging from general information to in-depth specifics about the company’s structure and history.
Through our platform, the Company Search feature grants instant access to reports on every company registered with the CRO. This convenient service enables users to download reports promptly, facilitating a seamless integration of crucial information into the due diligence process associated with property transactions.
The company search report or legal entity search report returns specific insights into financial stability, the duration of a company’s trading history, and connections with related businesses. In essence, a company search through our platform serves as a comprehensive and efficient means for solicitors to make well-informed decisions during property transactions.
Why should the solicitor search for a company when investigating a property purchase?
A company search in conveyancing serves several purposes. Firstly, it confirms the company’s existence and its recorded status, such as normal, in-liquidation, in-receivership, or under-examination. The company search also checks whether the company is voluntarily or involuntarily strike-off listed, dissolved, or has ceased trading.
It is crucial in determining if the company and its assets are in the hands of the vendors, namely its directors and/or shareholders. It provides important associated information, including registered offices, document filing history, shareholding, and details of secretaries and directors.
The search also reveals any mortgages, charges (satisfied or unsatisfied), debentures, burdens, liens, or other adverse matters affecting the property/rights/interests for sale. To conclude, the role of company searches is to mitigate risk for all parties involved.
Challenges in Traditional Company Searches
Conducting searches used to entail a number of challenges, including time-consuming processes, the risk of manual errors, and limited access to updated information.
Thanks to Legal Search Box, these obstacles are now a thing of the past. Legal Search Box has revolutionised the traditional approach to company searches, eliminating the challenges associated with legal searches through a new streamlined platform that offers ease-of-use and instant/scheduled results.
Furthermore, as technology and policies evolve, so will the landscape of company searches. The Legal Search Box team carefully examines and incorporates feedback from clients and existing-users to pinpoint essential updates for the upcoming versions of the Legal Search Box platform. We stay abreast of legal and regulatory changes to ensure that our platform continually improves, providing an enhanced legal search experience and meeting future requirements.
Ready to streamline your closing search process? Choose LSB for innovation, efficiency, and reliability in every search. Register now.